BitGo, a U.S.-based wallet infrastructure provider and digital asset custodian, has received approval for a Major Payment Institution license from Singapore’s Monetary Authority of Singapore (MAS).
BitGo clients now have access to buy and sell digital assets from the safety and security of its insured cold storage custody solution. BitGo’s subsidiary in Singapore, BitGo Singapore Pte. Ltd., will provide these regulated services after the complete license is granted.
Singapore’s MAS allows entities with a Major Payment Institution license to conduct payment services without the usual transaction limits. These limits typically include a cap of 3 million Singapore dollars ($2.2 million) for any single payment service and a monthly limit of 6 million Singapore dollars ($4.4 million) for multiple payment services.
BitGo said the license permits it to offer a wide range of payment services, including digital payment token services, without being constrained by transaction limits applicable to smaller entities.
According to MAS data, BitGo joins 27 other MPI-licensed firms, including major crypto players like Coinbase, Crypto.com, and Ripple have also obtained complete MPI licenses in the country.
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BitGo’s acquisition of the MPI license follows the in-principle approval received in January 2024. With this license, BitGo is now authorized to provide regulated digital payment token services, such as custody and trading, within Singapore.
Previously, BitGo served clients in Singapore and the Asia-Pacific region through the US South Dakota Trust for custody services and hot wallets, which are technology-based and not regulated products.
“This license marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond,” said BitGo Singapore CEO Youngro Lee.
BitGo CEO Mike Belshe comments: “With this license, we can meet the rising demands of clients with a diverse set of needs, from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services,” he said.
In July 2024, Singapore’s updated Money Laundering National Risk Assessment highlighted risks associated with digital payment token service providers. Additionally, in April 2024, MAS announced amendments to the Payment Services Act to expand the scope of regulated services related to digital payment tokens.
